September 13, 2021
This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailers and Gondola trailers, September 13th, 2021.
U.S. Weekly crude steel production fell to 1.866MT an 84.5% steel mill utilization rate, vs. 91%+ in 2008. This was on good demand, but some steel mills are down for maintenance.
WTI Crude oil price rose to $69.72/b. on reduced Gulf of Mexico production due to hurricane Ida.
The U.S. Weekly Oil rig count rose to 401 as rigs are coming back online after the hurricane.
Scrap steel #1 HMS price fell to $413.33/GT on good demand, but great supply. There is downward pressure on Prime scrap for October.
Hot Roll Coil Steel Price fell to $96.83/cwt, $1,917/T, slightly off the record high. Importantly, this was on good demand and increased supply.
Copper price rose to $4.43/lb. the highest since August. Furthermore, this was on lower Chinese production and a subdued U.S. dollar.
Aluminum price rose to $1.315, $2,898/mt, the highest since August 2008. Moreover, this was on supply disruption in Guinea, the 2nd largest producer of Bauxite, which is needed for Aluminum production.
U.S. August Producer Prices increased 8.3%, vs. last year, the highest since November 2010. Importantly, this was measured from a very low point last year.
U.S. August Total Vehicle Sales Estimate, decreased to 13.06M due to a lack of vehicles. Moreover, this means the U.S. recovery will be extended as vehicle plants restart in the coming months.
U.S. September IBD/TIPP Consumer Economic Optimism index. It plunged 5.1 points to 48.5. Note, below 50 is pessimistic. Importantly, this was on concerns about near term economic prospects.
U.S. July Open Jobs Report, rose to 10.93M, a new record high. Moreover, healthcare and finance rose the most.
U.S. Weekly Unemployment claims fell to 310,000 an 18-month low, which is great news. Importantly, the reopening of businesses continues, as do labor shortages.
Wall Street’s Dow Jones Industrial average fell 761 points to 34,608, the largest weekly drop since June. Importantly, this was on concerns about a slowing economy and a bad court ruling against Apple.
Roll off pup trailer are for sale at BENLEE. We use all the great systems as our extreme 7 and 8 axle roll off trailers. 102” wide axles, 5-year sealed hubs, wheel checks and more. Moreover, we build dry, with no hydraulics or wet, with full systems.
As always, feel free to call, or email me with any questions and we hope all have a safe and profitable week.